Weekly Market Update: October 4th 2016
By | 4th Oct 16

The Melbourne Auction market was traditionally quiet due to the Grand Final with only 133 auctions being held throughout Melbourne and recording a 92% clearance rate. We were excited to purchase 46 Spring Street, Thomastown for an investor client for only $421,000. The original condition home offers great future development opportunity to the buyer who plans to hold the land for a few years. 29 Hope Street, Preston a renovated 3 bedroom weatherboard home sold for $1,050,000. The property was purchased in 2014 for $755,000. Melbourne’s median house value has had the fastest growth of any other Australian city in the past three months. On average house values rose by $55,000 this quarter to read more about our current market growth, please CLICK HERE. 

The inner city apartment market has seen little growth in recent years with one in six Melbourne CBD apartment sales being made at a loss. Much of this is due to large scale developments. Many buyers are paying a premium price for a brand new property and even after holding the property for a number of years, are yet to see capital growth. The Melbourne CBD is expecting 80,000 new apartments to be built and 60,000 new jobs to be created before 2050 yet it appears buyers are being given too much choice with many apartments being left to sit vacant. To read our comments on this growing trend and our predictions for the future, please CLICK HERE. 

The ‘Hot Auction Suburbs’ have been revealed and the results may surprise you. It appears middle ring suburbs are the best performing and are providing strong suburb clearance rates. We have continued to see affordability being a determining factor in the location trends, with families creating fierce competition at auctions. It seems the Aussie dream of owning your own 3 bedroom home on 600sqm is still alive and well and the results speak for themselves. To read more about the trending suburbs, please CLICK HERE.